MI SB0485

Requires foreclosing governmental units to provide annual lists of all property sold or conveyed under tax foreclosure to local assessors by December 31 of each year

Expands the eligible tax reverted property specific tax to apply to properties sold directly by foreclosing governmental units, not just those sold through land bank authorities

Allocates 50% of the specific tax to state and local taxing units and 50% to the land bank authority that would have received the property if it had not been sold by the foreclosing governmental unit

Authorizes land bank authorities to use disbursed funds for purposes under the Land Bank Fast Track Act, including clearing title to property, or to repay state loans

Conditions the bill's enactment on Senate Bill No. 484 of the 103rd Legislature also being enacted into law